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Over-50s 'plan to use increased Isa limits'

By Sarah Engle, Tue 9 Mar 2010 - Published in Banking

Two-fifths of Isa savers over the age of 50 will have used their maximum allowance in the next tax year, it has been claimed.

A poll by Saga found that more than 37 per dent of over-50s have topped up their Isa since limits were increased to £5,100 for a cash account and £10,200 for an investment product.

In addition, 41 per cent said they will use their maximum Isa allocation in the upcoming tax year, with savers in London being the most keen to do this.

The survey also showed just five per cent of over-50s are unaware that tax-free limits for the products increased in October last year.

Andrew Goodsell, executive chairman of Saga, said: "With low interest rates, it is important that people make their money work hard for them. I am pleased to see that savvy over-50s are making the most of the increased ISA limits."

David Kuo, director of the financial website The Motley Fool, recently stressed the importance of people reducing their exposure to tax by taking advantage of Isas.